While Bitcoin has been at a certain level for a long time, a new record has come from the BTC mining difficulty.
Bitcoin mining difficulty has increased by 3.22%, reaching an all-time high, according to data from BTC.com. In the measurement on May 4, there was a decrease of 1.45%.
In this context, while Bitcoin mining difficulty reached 49.55 trillion hashes, it was seen that the hash rate of Bitcoin increased. The BTC hash rate also reached 368.5 EH/s.
There is no close correlation between BTC price and Bitcoin mining difficulty and hash rate. Increasing network difficulty makes the network more secure and increases competition among miners.
When we look at the historical data, we see that there is a need for large fluctuations that can activate the algorithms for the change in the hash rate to be reflected on the BTC price.
The difficulty of mining Bitcoin usually increases as more miners are online, which increases competition. Miners are rewarded with Bitcoin for verifying transactions on the network. Their profitability largely depends on the Bitcoin spot price and mining difficulty.
What is Bitcoin Mining Difficulty?
Bitcoin difficulty is an automatically adjusted property that determines how difficult it is to mine a Bitcoin block.
The mining difficulty of the Bitcoin network changes every 2,016 blocks and is automatically updated. The reason for this is to keep the average block production time as 10 minutes.
*Not investment advice.